Absolutely correct.
Retail investors have been whinging about being left out of cap raises when they've used sophisticated investors.
Now that the retail update was below expectations, the company can reserve the write to not engage retail investors next time around.
It's far easier to create shares and directly allocate them to an existing or new entity than go via retail.
Ann: Update on Institutional Placement and Entitlement Offer, page-71
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| No. | Vol. | Price($) |
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